Platinum jewellery sales in the third quarter of the current fiscal year have surpassed pre-pandemic levels, according to Platinum Guild International’s Indian arm.
Growth was “extremely good” and retail sales rose 30-35% in the period, said Vaishali Banerjee, the managing director of Platinum Guild International India, which has retail partners across 1500 stores in the country.
Many weddings were postponed during the pandemic and this led to a lot of pent-up demand for one of the most valuable precious metals.
The Gem and Jewellery Export Promotion Council (GJEPC) said that the platinum exports have also been stellar in the October-December period of the current financial year. Platinum exports rose to $7.01 million, compared with $2.63 million for the same period in 2019.
“Customer preference towards platinum has been growing because of the high gold rate. We expect the exports of platinum jewellery to further grow in the coming years”, says Colin Shah, Chairman, GJEPC.
Improved consumer sentiment during the festival and wedding seasons and an active marketing programme by the industry led to the V-shaped recovery. Other factors which led to the robust growth were new collection launches, marketing plans and promotions, according to PGI.
“Apart from a probable fourth wave of infections, nothing else can hamper (the industry) from getting back on track,” said Banerjee.
Published 07 February 2022, 16:12 IST